IMACEC

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The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

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February 2025’s monthly index of economic activity, Imacec

According to preliminary information, las February the Imacec dropped 0.1% compared to the same month a year before (Table 1). The seasonally adjusted series dropped 0.5% with respect to the previous month and grew 1.3% in twelve months.

The Imacec result was explained by one less working day than February of leap-year 2024, and by the power outage that affected an extensive part of the country. The fall in mining stood out, but this effect was offset by growth in Other goods, trade, and serves (Figure 1). Meanwhile, the decline of the deseasonalized Imacec was driven by trade and mining (Figure 2).

The non-mining Imacec posted annual growth of 0.9%, and in seasonally adjusted terms it fell 0.4% with respect to the previous month.

Imacec analysis by activity

1. Goods production

Goods production dropped 0.9% annually, explained by copper mining, and partially offset by Other goods and manufacturing, which posted growth of 2.3% and 1.7%, respectively. The former was driven mainly by fruit growing and fishery, and the latter was explained mainly by an increase in processed foods.

In deseasonalized terms, goods production posted an increase of 0.4% from the month before, explained by the dynamism of extractive fishery.

2. Trade

Commercial activity posted an increase of 3.5% in annual terms, with every component posting positive results, where the contribution of wholesale and retail sales stood out. Wholesale was driven by foods and clothing, while retail owed mainly to clothing-specialized establishments, department stores, and online platform sales. Automotive trade recorded increased sales of motor vehicles, partly offset by lower maintenance services and sales of spare parts.

The deseasonalized figures posted a contraction of 2.2% with respect to the previous month, influenced by the results of wholesale and retail sales.

3. Services

Services rose 0.5% in annual terms, explained by personal services, particularly health related.

The deseasonalized figures presented a decline of 0.2% with respect to the month before, explained by entrepreneurial services.